Vast potential untapped:
Boating industry a 'rising star'
The boating industry is a "rising star" in our export products
portfolio and accounts for about Rs. 5 billion export revenue to the
It showed a very healthy growth rate during the recent past, Chairman
and CEO, Sri Lanka Export Development Board (SLEDB) Anil Koswatte told
the launch of the Maldives International Boat Show 2009 in Colombo.
"We have already proven our expertise in the boat manufacturing
industry having met the accepted international standard and quality. The
industry players need to capture international markets as there is a
vast potential untapped", he said.
The international market place for any sector at present is a hot-bet
which undergoes frequent and constant changes. Customer paradigms as
well as the global sourcing patterns change at an unbelievable speed.
The current trend in the Western boat market is to turn towards
developing countries to source their fibre reinforced plastic boat
production, particularly for full construction to save cost, he said. In
the local context, a structural shift has been noted from the
traditional one-day fishing in coastal areas to deep sea fishing that
required different types of boats for multi-day use. Destinations such
as the Maldives have become a prospective market for Sri Lanka where the
boat industry plays a vital role in inter-island transportation, he
"Market intelligence has become a key factor in almost all areas of
trade. It plays a significant role in the areas of new and emerging
There is a need to understand the changing paradigm of the global
customer. The changing requirement of the market and transferring the
knowledge to the actual production floor ultimately decides on the
competitiveness of our products.
The gradual decrease of competitiveness of traditional Sri Lankan
products in the international market, has forced producers to look for
new strategies and new niche segments to compete successfully, he said.
The SLEDB believes that exports bring prosperity to the nation.
Exports have been the prime contributor for sustainable growth in the
country's economy and it contributes significantly to Gross Domestic
A synergy of public-private partnership becomes essential to develop
new sectors such as the boating industry. The boat show will open new
avenues to promote trade relationships, he said.
At a glance:
* International standard and quality met
* Industry players need to capture
* Market intelligence, a key factor